Regulatory Filings • Sep 4, 2014
Regulatory Filings
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PRESS RELEASE 3 September, 2014
Zalando anticipates an offering of between 10 per cent and 11 per cent of total post-IPO capitalization. The offer, if pursued, is expected to consist solely of new shares from a capital increase of Zalando. Kinnevik currently owns 36% of Zalando.
In connection with the announcement, Zalando disclosed further descriptive and financial information, as well as a number of key performance indicators. For further information please refer to page 2-12 of this release and https://corporate.zalando.com/ .
"Kinnevik is delighted about Zalando's plans to list on the Frankfurt stock exchange. We first invested in Zalando in 2010 and since then have invested cash of SEK 5.5 billion to become the company's largest shareholder. We look forward to continuing to work with Zalando's founders and management team, and to support their future growth ambitions after the listing" comments Lorenzo Grabau, CEO of Kinnevik.
Kinnevik discloses the information provided herein pursuant to the Securities Market Act (Sw. lagen om värdepappersmarknaden (2007:528)). The information was submitted for publication on 3 September, 2014 at 8.00 am (CET).
Torun Litzén, Director, Investor Relations Phone +46 (0)8 562 000 83
Mobile +46 (0)70 762 00 83
Investment AB Kinnevik is a leading, long-term oriented, investment company based in Sweden. Kinnevik primarily invests in consumer centric businesses that provide innovative and value-added technology-enabled services. Our main areas of focus are the Communications, e-Commerce, Entertainment and Financial Services sectors. We own significant stakes in over 50 companies that operate in more than 80 countries across five continents, with a particular emphasis on growth markets. The Kinnevik Group employs more than 90 000 people around the world.
Kinnevik actively supports the companies in which it invests and plays an influential role on their respective Boards. Kinnevik was founded in 1936 by three Swedish families who continue to play a leadership role in the ownership of the Company and in the pursuit of its entrepreneurial ventures.
Kinnevik's shares are listed on Nasdaq OMX Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.
| EUR m | 20111 | 20121 | 2013 |
|---|---|---|---|
| Revenue | 509.9 | 1,158.7 | 1,762.0 |
| % growth | - | 127.2% | 52.1% |
| Cost of Sales | (275.7) | (623.8) | (1,047.0) |
| Gross Profit | 234.3 | 534.8 | 715.1 |
| % margin | 45.9% | 46.2% | 40.6% |
| Selling and Distribution Costs | (271.5) | (560.7) | (733.5) |
| Administrative Expenses | (23.6) | (63.2) | (105.1) |
| Other Operating Income | 2.5 | 6.3 | 12.5 |
| Other Operating Expenses | (0.7) | (0.8) | (2.9) |
| EBIT | (58.9) | (83.6) | (113.9) |
| % margin | (11.6%) | (7.2%) | (6.5%) |
| Net Financial Result | (0.6) | (1.0) | (3.3) |
| EBT | (59.6) | (84.6) | (117.3) |
| % margin | (11.7%) | (7.3%) | (6.7%) |
| Income Taxes | (0.2) | (0.5) | 0.7 |
| Net Income | (59.7) | (85.1) | (116.6) |
| % margin | (11.7%) | (7.3%) | (6.6%) |
| Depreciation & Amortization | 1.8 | 6.2 | 14.9 |
| EBITDA | (57.2) | (77.3) | (99.0) |
| % margin | (11.2%) | (6.7%) | (5.6%) |
| Equity-settled Share Based Compensation (SBC) | 2.1 | 6.5 | 5.3 |
| Adjusted EBIT (before SBC) | (56.8) | (77.1) | (108.6) |
| % margin | (11.1%) | (6.7%) | (6.2%) |
| Adjusted EBITDA (before SBC) | (55.0) | (70.9) | (93.7) |
| % margin | (10.8%) | (6.1%) | (5.3%) |
1 2011 and 2012 adjusted for the accounting principles applied in 2013.
| 2011 | 2012 | 2013 | |
|---|---|---|---|
| Site Visits (m)2 | 324.6 | 738.3 | 1,217.0 |
| Mobile Visit Share (in % of Site Visits)3 | 4.6% | 13.0% | 26.8% |
| Active Customers (m)4 | 4.8 | 9.2 | 13.1 |
| Number of Orders (m)5 | 11.0 | 23.0 | 35.1 |
| Average Orders per Active Customer6 | 2.29 | 2.50 | 2.68 |
| Average Basket Size (in EUR)7 | 58.1 | 62.3 | 62.5 |
| Adjusted Marketing Costs (% of Revenue)8 | 26.7% | 22.6% | 17.6% |
| Adjusted Fulfillment Costs (% of Revenue)9 | 26.5% | 25.6% | 23.9% |
2 Site Visits defined as the number of series of page requests from the same device or source (either via website, m.sites, t.sites or apps) in the measurement period. A visit is considered ended when no requests have been recorded in more than 30 minutes.
3 Mobile Visit Share (%) defined as the number of visits via m.sites, t.sites or apps divided by the total number of Site Visits in the measurement period.
4 Active Customers defined as the number of customers placing at least one order in the last twelve months in the measurement period irrespective of cancellations or returns.
5 Number of Orders defined as the number of customer orders placed in the measurement period irrespective of cancellations or returns. An order is counted on the day the customer places the order. Orders placed and orders delivered may differ due to orders that are in transit at the end of the measurement period or have been cancelled.
6 Average Orders per active customer defined as Number of Orders of the last twelve months divided by active customers.
7 Average Basket Size defined as the Gross Merchandise Volume (including gross merchandise volume from our partner program) after cancelations and returns that customers spend divided by the number of delivered orders in the measurement period. Gross Merchandise Volume is defined as the total amount spent by our customers (including VAT) less cancelations and returns in the relevant measurement periods.
8 Adjusted Marketing Cost Ratio defined as marketing cost as a proportion of revenue in the measurement period. Marketing cost mainly consists of advertising expenses including search engine marketing, television, online display and other marketing channels as well as allocated overhead cost. All numbers shown before SBC costs.
9 Adjusted Fulfillment Cost Ratio defined as fulfillment cost as a proportion of revenue in the measurement period. Fulfillment costs mainly include logistics, content creation, service and payment expenses, as well as allocated overhead costs. Fulfillment costs therefore comprises all selling and distribution costs, except for marketing costs. All numbers shown before SBC costs.
| Segmental Financial Information 2011 – 2013 | |||
|---|---|---|---|
| EUR m | 201110 | 201210 | 2013 |
| Revenue | 509.9 | 1,158.7 | 1,762.0 |
| DACH11 | 377.3 | 733.0 | 1,056.1 |
| Rest of Europe | 106.3 | 335.8 | 630.2 |
| Other | 26.3 | 49.8 | 75.7 |
| As % of Total | |||
| DACH | 74.0% | 66.7% | 59.9% |
| Rest of Europe | 20.9% | 29.0% | 35.8% |
| Other | 5.2% | 4.3% | 4.3% |
| EBIT | (58.9) | (83.6) | (113.9) |
| DACH | (13.4) | 12.5 | 5.3 |
| Rest of Europe | (37.0) | (84.0) | (100.8) |
| Other | (8.5) | (12.1) | (18.4) |
| % EBIT Margin | (11.6%) | (7.2%) | (6.5%) |
| DACH | (3.6%) | 1.6% | 0.5% |
| Rest of Europe | (34.8%) | (25.0%) | (16.0%) |
| Other | (32.3%) | (24.3%) | (24.3%) |
| Adjusted EBIT (before SBC) | (56.8) | (77.1) | (108.6) |
| DACH | (11.8) | 15.2 | 8.2 |
| Rest of Europe | (36.6) | (81.1) | (99.1) |
| Other | (8.4) | (11.2) | (17.8) |
| % Adjusted EBIT Margin (before SBC) | (11.1%) | (6.7%) | (6.2%) |
| DACH | (3.1%) | 2.0% | 0.8% |
| Rest of Europe | (34.4%) | (24.1%) | (15.7%) |
| Other | (31.9%) | (22.5%) | (23.5%) |
10 2011 and 2012 adjusted for the accounting principles applied in 2013.
11 "DACH" segment consists of that part of Zalando Shop business channel that generates product and services revenue from customers ordering on localized websites for Germany, Austria and Switzerland.
| EUR m | 201112 | 201212 | 2013 |
|---|---|---|---|
| Total Non-Current Assets | 23.7 | 84.9 | 176.1 |
| Property, Plant and Equipment | 13.1 | 43.3 | 105.7 |
| Other Financial Assets | 6.6 | 31.7 | 48.1 |
| Total Current Assets | 247.4 | 740.5 | 895.7 |
| Inventories | 108.9 | 231.4 | 332.5 |
| Trade and Other Receivables | 21.0 | 65.6 | 87.2 |
| Cash and Cash Equivalents | 101.8 | 382.3 | 417.2 |
| Total Assets | 271.1 | 825.4 | 1,071.7 |
| Total Equity | 105.5 | 458.2 | 546.5 |
| Capital Reserves | 190.4 | 628.6 | 833.3 |
| Accumulated Loss | (84.9) | (170.0) | (286.6) |
| Total Non-Current Liabilities | 1.4 | 17.2 | 29.2 |
| Total Current Liabilities | 164.1 | 350.0 | 496.0 |
| Trade Payables and Similar Liabilities | 135.0 | 294.6 | 410.0 |
| Total Equity & Liabilities | 271.1 | 825.4 | 1,071.7 |
12 2011 and 2012 adjusted for the accounting principles applied in 2013.
| EUR m | 201113 | 201213 | 2013 |
|---|---|---|---|
| Net Income | (59.7) | (85.1) | (116.6) |
| Non-Cash Expenses | 2.1 | 7.0 | 2.0 |
| Depreciation | 1.8 | 6.2 | 14.9 |
| Change in Provisions | 0.0 | 0.6 | 0.0 |
| Change in Inventories and Receivables | (79.8) | (167.1) | (122.7) |
| Change in Trade Payables and Similar Liabilities | 79.4 | 163.9 | 101.5 |
| Change in Other Assets/Other Liabilities | 15.0 | (20.0) | 40.8 |
| Cash Flow from Operating Activities | (41.1) | (94.3) | (80.2) |
| Payments for Investments in Fixed and Intangible Assets | (12.9) | (46.6) | (73.8) |
| Change in Restricted Cash | (6.3) | (24.7) | (16.4) |
| Cash Flow from Investing Activities | (19.2) | (71.3) | (90.2) |
| Payments Received from Capital Increases | 128.2 | 431.8 | 199.3 |
| Cash Received from Loans | 0.0 | 15.1 | 9.1 |
| Other Cash Effective Financial Result | 0.0 | (0.0) | 0.0 |
| Cash Repayments of Loans | 0.0 | (0.8) | (3.2) |
| Cash Flow from Financing Activities | 128.2 | 446.1 | 205.2 |
| Change in Cash and Cash Equivalents | 67.9 | 280.5 | 34.9 |
13 2011 and 2012 adjusted for the accounting principles applied in 2013.
| EUR m | Q1/12 | Q2/12 | Q3/12 | Q4/12 | Q1/13 | Q2/13 | Q3/13 | Q4/13 | Q1/14 | Q2/14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 213.9 | 256.7 | 284.3 | 403.9 | 372.0 | 436.6 | 403.8 | 549.6 | 500.7 | 546.4 |
| % growth | - | - | - | - | 73.9% | 70.1% | 42.1% | 36.1% | 34.6% | 25.1% |
| Cost of Sales | (115.8) | (138.3) | (165.1) | (204.7) | (227.2) | (258.2) | (252.4) | (309.1) | (311.3) | (293.6) |
| Gross Profit | 98.1 | 118.4 | 119.2 | 199.2 | 144.7 | 178.4 | 151.4 | 240.5 | 189.4 | 252.8 |
| % margin | 45.9% | 46.1% | 41.9% | 49.3% | 38.9% | 40.9% | 37.5% | 43.8% | 37.8% | 46.3% |
| Selling and Distribution Costs | (105.2) | (136.4) | (140.2) | (178.9) | (167.0) | (189.0) | (173.7) | (203.8) | (192.0) | (199.4) |
| Administrative Expenses | (9.5) | (15.1) | (16.6) | (22.0) | (20.0) | (25.9) | (29.7) | (29.5) | (28.8) | (24.6) |
| Other Operating Income | 0.3 | 1.1 | 1.7 | 3.2 | 0.8 | 3.8 | 1.9 | 6.0 | 4.2 | 3.6 |
| Other Operating Expenses | (0.1) | (0.2) | 0.0 | (0.6) | (1.0) | 0.4 | (0.8) | (1.5) | (0.8) | (0.9) |
| EBIT | (16.4) | (32.2) | (35.9) | 0.8 | (42.4) | (32.3) | (50.9) | 11.7 | (27.9) | 31.5 |
| % margin | (7.6%) | (12.5%) (12.6%) | 0.2% | (11.4%) | (7.4%) (12.6%) | 2.1% | (5.6%) | 5.8% | ||
| Net Financial Result | (0.4) | 0.1 | (0.3) | (0.3) | (0.7) | (1.1) | (0.9) | (0.7) | (0.8) | (0.8) |
| EBT | (16.8) | (32.0) | (36.2) | 0.5 | (43.1) | (33.4) | (51.8) | 11.1 | (28.7) | 30.7 |
| % margin | (7.9%) | (12.5%) (12.7%) | 0.1% | (11.6%) | (7.7%) (12.8%) | 2.0% | (5.7%) | 5.6% | ||
| Income Taxes | (0.0) | (0.1) | (0.1) | (0.3) | (0.1) | (0.1) | (0.5) | 1.3 | (0.2) | (1.6) |
| Net Income | (16.8) | (32.1) | (36.4) | 0.2 | (43.2) | (33.5) | (52.4) | 12.4 | (28.9) | 29.0 |
| % margin | (7.9%) | (12.5%) (12.8%) | 0.1% | (11.6%) | (7.7%) (13.0%) | 2.3% | (5.8%) | 5.3% | ||
| Depreciation & Amortization | 0.8 | 1.3 | 2.1 | 2.0 | 2.9 | 3.2 | 4.6 | 4.2 | 5.5 | 6.9 |
| EBITDA | (15.5) | (30.8) | (33.8) | 2.8 | (39.5) | (29.1) | (46.3) | 15.9 | (22.4) | 38.4 |
| % margin | (7.3%) | (12.0%) (11.9%) | 0.7% (10.6%) | (6.7%) (11.5%) | 2.9% | (4.5%) | 7.0% | |||
| Equity-Settled share Based Comp. (SBC) | 1.8 | 1.9 | 1.3 | 1.5 | 1.2 | 1.3 | 1.0 | 1.7 | 5.1 | 3.7 |
| Adjusted EBIT (before SBC) | (14.6) | (30.2) | (34.6) | 2.4 | (41.2) | (31.0) | (44.9) | 13.5 | (22.8) | 35.1 |
| % margin | (6.8%) | (11.8%) (12.2%) | 0.6% | (11.1%) | (7.1%) (12.4%) | 2.4% | (4.5%) | 6.4% | ||
| Adjusted EBITDA (before SBC) | (13.8) | (28.9) | (32.5) | 4.4 | (38.2) | (27.8) | (45.3) | 17.6 | (17.3) | 42.0 |
| % margin | (6.4%) | (11.3%) (11.4%) | 1.1% (10.3%) | (6.4%) (11.2%) | 3.2% | (3.5%) | 7.7% |
| Q1/12 | Q2/12 | Q3/12 | Q4/12 | Q1/13 | Q2/13 | Q3/13 | Q4/13 | Q1/14 | Q2/14 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Site Visits (m)14 | 133.4 | 159.3 | 195.8 | 249.8 | 274.5 | 294.4 | 291.0 | 357.0 | 331.8 | 322.7 |
| Mobile Visit Share (in % of Site Visits)15 | 9.3% | 10.7% | 13.5% | 16.2% | 21.3% | 24.9% | 28.2% | 31.6% | 36.2% | 40.7% |
| Active Customers (m)16 | 5.7 | 6.7 | 7.8 | 9.2 | 10.3 | 11.6 | 12.3 | 13.1 | 13.5 | 13.7 |
| Number of Orders (m)17 | 4.3 | 5.3 | 5.8 | 7.4 | 7.8 | 9.3 | 8.2 | 9.8 | 9.7 | 10.4 |
| Average Orders per Active Customer18 | 2.36 | 2.41 | 2.47 | 2.50 | 2.56 | 2.62 | 2.67 | 2.68 | 2.74 | 2.77 |
| Average Basket Size (in €)19 | 61.5 | 57.5 | 61.3 | 66.9 | 60.5 | 58.4 | 60.7 | 69.3 | 63.9 | 65.7 |
| Adjusted Marketing Cost Ratio (in % of revenue)20 |
23.2% | 25.0% | 24.0% | 19.8% | 16.7% | 17.6% | 19.4% | 16.8% | 13.9% | 13.3% |
| Adjusted Fulfillment Cost Ratio (in % of revenue)21 |
25.7% | 27.8% | 25.2% | 24.3% | 28.1% | 25.6% | 23.5% | 20.1% | 24.0% | 22.9% |
14 Site Visits defined as the number of series of page requests from the same device or source (either via website, m.sites, t.sites or apps) in the measurement period. A visit is considered ended when no requests have been recorded in more than 30 minutes.
15 Mobile Visit Share (%) defined as the number of visits via m.sites, t.sites or apps divided by the total number of Site Visits in the measurement period.
16 Active Customers defined as the number of customers placing at least one order in the last twelve months in the measurement period irrespective of cancellations or returns.
17 Number of Orders defined as the number of customer orders placed in the measurement period irrespective of cancellations or returns. An order is counted on the day the customer places the order. Orders placed and orders delivered may differ due to orders that are in transit at the end of the measurement period or have been cancelled.
18 Average Orders per active customer defined as Number of Orders of the last twelve months divided by active customers.
19 Average Basket Size defined as the Gross Merchandise Volume (including gross merchandise volume from our partner program) after cancelations and returns that customers spend divided by the number of delivered orders in the measurement period. Gross Merchandise Volume is defined as the total amount spent by our customers (including VAT) less cancelations and returns in the relevant measurement periods.
20 Adjusted Marketing Cost Ratio defined as marketing cost as a proportion of revenue in the measurement period. Marketing cost mainly consists of advertising expenses including search engine marketing, television, online display and other marketing channels as well as allocated overhead cost. All numbers shown before SBC costs.
21 Adjusted Fulfillment Cost Ratio defined as fulfillment cost as a proportion of revenue in the measurement period. Fulfillment costs mainly include logistics, content creation, service and payment expenses, as well as allocated overhead costs. Fulfillment costs therefore comprises all selling and distribution costs, except for marketing costs. All numbers shown before SBC costs.
| Quarterly Segmental Financial Information Q1 2012 – Q2 2014 | ||
|---|---|---|
| -- | ------------------------------------------------------------- | -- |
| EUR m | Q1/12 | Q2/12 | Q3/12 | Q4/12 | Q1/13 | Q2/13 | Q3/13 | Q4/13 | Q1/14 | Q2/14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 213.9 | 256.7 | 284.3 | 403.9 | 372.0 | 436.6 | 403.8 | 549.6 | 500.7 | 546.4 |
| DACH | 155.0 | 178.6 | 189.0 | 250.4 | 222.6 | 267.6 | 243.4 | 322.5 | 283.9 | 310.3 |
| Rest of Europe | 49.3 | 66.2 | 82.8 | 137.6 | 134.1 | 152.0 | 141.4 | 202.8 | 193.2 | 206.1 |
| Other | 9.6 | 11.9 | 12.4 | 15.9 | 15.2 | 17.1 | 19.1 | 24.3 | 23.5 | 30.0 |
| As % of Total | ||||||||||
| DACH | 72.5% | 69.6% | 66.5% | 62.0% | 59.9% | 61.3% | 60.3% | 58.7% | 56.7% | 56.8% |
| Rest of Europe | 23.0% | 25.8% | 29.1% | 34.1% | 36.0% | 34.8% | 35.0% | 36.9% | 38.6% | 37.7% |
| Other | 4.5% | 4.6% | 4.4% | 3.9% | 4.1% | 3.9% | 4.7% | 4.4% | 4.7% | 5.5% |
| EBIT | (16.4) | (32.2) | (35.9) | 0.8 | (42.4) | (32.3) | (50.9) | 11.7 | (27.9) | 31.5 |
| DACH | 1.7 | (6.9) | (4.6) | 22.4 | (9.4) | (3.7) | (11.0) | 29.4 | (3.1) | 25.5 |
| Rest of Europe | (16.8) | (23.7) | (25.9) | (17.6) | (30.7) | (25.8) | (34.2) | (10.2) | (23.5) | 2.2 |
| Other | (1.2) | (1.6) | (5.4) | (3.9) | (2.3) | (2.9) | (5.8) | (7.4) | (1.3) | 3.8 |
| % Margin | (7.6%) | (12.5%) (12.6%) | 0.2% | (11.4%) | (7.4%) | (12.6%) | 2.1% | (5.6%) | 5.8% | |
| DACH | 1.1% | (3.9%) | (2.4%) | 8.9% | (4.2%) | (1.4%) | (4.5%) | 9.1% | (1.1%) | 8.2% |
| Rest of Europe | (34.1%) | (35.8%) (31.3%) | (12.8%) | (22.9%) (17.0%) | (24.2%) | (5.0%) (12.2%) | 1.0% | |||
| Other | (12.6%) | (13.3%) (43.4%) | (24.7%) | (15.2%) (16.9%) | (30.2%) | (30.6%) | (5.5%) | 12.8% | ||
| Adjusted EBIT (before SBC) | (14.6) | (30.2) | (34.6) | 2.4 | (41.2) | (31.0) | (44.9) | 13.5 | (22.8) | 35.1 |
| DACH | 2.8 | (6.5) | (4.2) | 23.1 | (8.8) | (2.9) | (10.4) | 30.3 | (0.2) | 27.5 |
| Rest of Europe | (16.3) | (22.4) | (25.3) | (17.1) | (30.3) | (25.4) | (33.9) | (9.6) | (21.8) | 3.4 |
| Other | (1.1) | (1.3) | (5.2) | (3.7) | (2.1) | (2.7) | (5.6) | (7.3) | (0.7) | 4.2 |
| % Margin | (6.8%) | (11.8%) (12.2%) | 0.6% | (11.1%) | (7.1%) | (12.4%) | 2.4% | (4.5%) | 6.4% | |
| DACH | 1.8% | (3.6%) | (2.2%) | 9.2% | (3.9%) | (1.1%) | (4.3%) | 9.4% | (0.1%) | 8.9% |
| Rest of Europe | (33.1%) | (33.9%) (30.5%) | (12.4%) | (22.6%) (16.7%) | (23.9%) | (4.7%) (11.3%) | 1.7% | |||
| Other | (11.2%) | (10.9%) (41.5%) | (23.0%) | (13.8%) (15.9%) | (29.6%) | (30.0%) | (3.1%) | 14.0% |
| EUR m | 1 Jan – 30 Jun 2013 |
1 Jan – 30 Jun 2014 |
|---|---|---|
| Revenue | 808.6 | 1,047.1 |
| % growth | 71.8% | 29.5% |
| Cost of Sales | (485.5) | (604.8) |
| Gross Profit | 323.1 | 442.2 |
| % margin | 40.0% | 42.2% |
| Selling and Distribution Costs | (356.0) | (391.4) |
| Administrative Expenses | (45.9) | (53.5) |
| Other Operating Income | 4.6 | 7.8 |
| Other Operating Expenses | (0.6) | (1.6) |
| EBIT | (74.7) | 3.6 |
| % margin | (9.2%) | 0.3% |
| Net Financial Result | (1.8) | (1.6) |
| EBT | (76.5) | 2.0 |
| % margin | (9.5%) | 0.2% |
| Income Taxes | (0.1) | (1.8) |
| Net Income | (76.6) | 0.2 |
| % margin | (9.5%) | 0.0% |
| Depreciation & Amortization | 6.1 | 12.3 |
| EBITDA | (68.6) | 15.9 |
| % margin | (8.5%) | 1.5% |
| Equity-settled Share Based Compensation (SBC) | 2.6 | 8.8 |
| Adjusted EBIT (before SBC) | (72.2) | 12.4 |
| % margin | (8.9%) | 1.2% |
| Adjusted EBITDA (before SBC) | (66.0) | 24.7 |
| % margin | (8.2%) | 2.4% |
| EUR m | Dec-2013 | Jun-2014 |
|---|---|---|
| Total Non-Current Assets | 176.1 | 190.1 |
| Property, Plant and Equipment | 105.7 | 116.6 |
| Other Financial Assets | 48.1 | 49.0 |
| Total Current Assets | 895.7 | 842.2 |
| Inventories | 332.5 | 279.4 |
| Trade and Other Receivables | 87.2 | 115.7 |
| Cash and Cash Equivalents | 417.2 | 387.3 |
| Total Assets | 1,071.7 | 1,032.3 |
| Total Equity | 546.5 | 556.0 |
| Capital Reserves | 833.3 | 842.0 |
| Accumulated Loss | (286.6) | (286.4) |
| Total Non-Current Liabilities | 29.2 | 26.2 |
| Total Current Liabilities | 496.0 | 450.1 |
| Trade Payables and Similar Liabilities | 410.0 | 334.6 |
| Total Equity & Liabilities | 1,071.7 | 1,032.3 |
| EUR m | 1 Jan – 30 Jun 2013 |
1 Jan – 30 Jun 2014 |
|---|---|---|
| Net Income | (76.6) | 0.2 |
| Non-Cash Expenses | 2.6 | 7.5 |
| Depreciation | 6.1 | 12.3 |
| Change in Provisions | 0.1 | 0.1 |
| Change in Inventories and Receivables | (32.1) | 24.7 |
| Change in Trade Payables and Similar Liabilities | (43.5) | (68.8) |
| Change in Other Assets/Other Liabilities | 10.6 | 26.1 |
| Cash Flow from Operating Activities | (132.9) | 2.1 |
| Payments for Investments in Fixed and Intangible Assets | (37.9) | (31.6) |
| Change in Restricted Cash | (13.4) | (0.6) |
| Cash Flow from Investing Activities | (51.3) | (32.3) |
| Payments Received from Capital Increases | 0.0 | 0.0 |
| Cash Received from Loans | 3.7 | 1.9 |
| Other Cash Effective Financial Result | 0.0 | 0.0 |
| Cash Repayments of Loans | (1.6) | (1.6) |
| Cash Flow from Financing Activities | 2.1 | 0.3 |
| Change in Cash and Cash Equivalents | (182.1) | (29.9) |
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